Homework Assignment #11
1. (100) Topic: Capitalism and Inequality. Many of the great economists we studied
discussed the relationship between capitalism and inequality, coming to very different
conclusions. Inequality is currently one of the major issues
Homework Assignment #13
Read Schneider The Labor Market (Moodle) and watch Video lecture 13b_ Minimum Wage & the (Unskilled) Labor
Market (Moodle). For each of the questions below, show how the supply and demand curves for unskilled labor will
Homework Assignment #12
Read RSSS Chapter 7 carefully, especially pp. 104-124. Then answer the following questions.
1. For each of the questions below, show how the supply and demand curves for the WHEAT will be affected by specific events,
and show what
Homework Assignment #20
1. (30) Wineries are considered to be in a monopolistically competitive industry. The Fero Winery
of Lewisburg current sells 10,000 bottles of wine per month at a price of $15 per bottle, while
incurring Average Total Costs of $10
Homework Assignment #18
1. Joe Bob, a tobacco grower in the Perfectly Competitive market for tobacco, currently produces 50 tons
of tobacco per year and sells it at the market price of $500 per ton. Joe Bob incurs average variable costs
of $100 per ton an
Homework Assignment #15
Read Schneider Elasticity (Moodle) and RSSS pp. 148-154 before attempting these questions.
1. (30) There are two different methods that governments can choose to help out unskilled
laborers. Many governments, like that in the US, r
Homework Assignment #16
Read RSSS Ch. 8 pp. 133-143. Watch the following video lectures on Moodle: (1) Lecture 17,
Supply Decisions Part I, and (2) Lecture 17, Supply Decisions Part II. (Note, the video calls these
lecture 16 because of the different sche
Homework Assignment #14
Read RSSS Chapter 8, Schneider, Excise Taxes and Subsides (Moodle) and Schneider, Price Ceilings and Floors
(Moodle) before attempting problem 2.
1. Using a graph, show how the supply and demand curves for US-made Sport Utility Veh
Homework Assignment #3
Read: Schneider, The Evolution of Pre-Capitalist Economic Systems (Moodle). Then answer the
following questions. Your answers should be a paragraph in length.
1. (10) List the main social classes in each of the following economic sy
Homework Assignment #6
Read: (1) SSK (Sackrey et al, Intro. to Political Economy), Ch. 6, "Social Classes,
(2) Schneider, Race, Ethnicity, Class and Gender in the United States (below),
(3) In Hiring, a Friend in Need is a Prospect, Indeed, The New York T
Homework Assignment #10
Watch the film, Free Trade Slaves on Moodle.
Read: 1) Western Firms Feel Pressure as Toll Rises in Bangladesh, New York Times, April 25, 2013,
2) Bangladesh Finds Gross Negligence in Factory Fire, New York
Homework Assignment #5
Read Schneider, Karl Marx and the Dark Ages of Capitalism (Moodle). Attend the Wednesday
night lecture on Smith, Marx and Capitalism (7PM, Trout Auditorium). Then answer the
1. (5) List all of the factors that would
Homework Assignment #4
Read Schneider, Adam Smith and the Rise of Capitalism (Moodle). Then answer the questions
below. Questions 1 and 3 could be answered in a paragraph. Question 2 needs at least 2 or 3
paragraphs for a complete answer.
1. (20) Why was
Homework Assignment #9
Read: 1) RSSS (Riddell), Ch. 22, pp. 550-562.
2) SSK (Sackrey) Ch. 9, The Middle Way: Swedish Social Democracy.
3) Irwin, A Big Safety New and Strong Market Can Coexist. Just Ask Scandinavia. New York
Homework Assignment #7
Read the following materials on Veblen:
1) Schneider, Monopoly Capitalism and the Rise of Neoclassical Economics (below).
2) SSK Ch. 4, Thorstein Veblen (from your Introduction to Political Economy book).
3) Elizabeth Currid-Halkett
Homework Assignment #8
Readings: 1) RSSS (Riddell, Economics textbook), Ch. 5, pp. 70-88;
2) SSK (Sackrey, Intro. to Political Economy textbook) Ch. 5, John Maynard Keynes;
3) Cassidy, Hayek Century (Moodle).
1. (100) Write a short essay (at least of a pa
Homework Assignment #2
Read: Schneider, Scarcity, Opportunity Cost and Choice (Moodle).
The graph to the right displays a
production possibilities curve for the
World in choosing between allocating nery
resources towards Food or
Homework Assignment #1
Directions: Read Schneider, What is Economics (Moodle).
Type your answers to the questions below. At the top left of the page, put your name and the homework
assignment number (see above). Please use single spacing and both sides of
Nancy sells beeswax in a perfectly competitive market for $50 per pound. Nancys fixed costs are $15, and
Nancy is capable of producing up to 6 pounds of beeswax each year. Use that information to fill in the table
below. (Hint: Total variable cost is simp
Homework #9 ANSWERS
Due: Tuesday February 21, 2017at the beginning of class
Question 1: If I spent all my money ($300,000) on a new house I could buy a house with 3000
square feet. I settle for a 1500 square foot house. (Each square foot co
Quiz # 3
Thursday March 9, 2017
[Remember to always show your work and label your graphs]
Problem 1 (6 points):
a-If labor is currently set at 5 units for a short run production process, and the marginal
Due: Tuesday January 31, 2017at the beginning of class
Question 1: 7 page 45
a) The equilibrium quantity is Q = 90,000 seats and the equilibrium price is P = 1900 (1/50)(90,000)
= 1900 1800 = $100.
b) At a price ceiling of P